A Truth in Accounting report argued state authorities should have used billions in federal aid to pay down interest on existing pension debt rather than save it for a rainy day. Experts warn this could lead to more state borrowing.
Fiscal watchdog Truth in Accounting reports every Chicagoan is on the hook for $135,700 when combining city and state debt.
A new report from watchdog Truth in Accounting shows each taxpayer’s share of state debt has nearly doubled since 2009 to $57,000 as total debt increased by $10 billion—mostly due to pension obligations.
Illinois politicians have too often ignored the necessity of true pension reform and instead opted for tax hikes.
An annual analysis of Chicago’s finances finds the city’s debt burden continues to weigh heavily on the shoulders of taxpayers.